The Unemployment rate of Ukraine attained a value of 19.34 % in 2023
The indicator recorded a historical change (bps difference) of 984 bps between 2020 to 2023, and is expected to decline by...
GlobalData projects the figure to change by 686 bps between 2024 and 2028, reaching...
Unemployment
Unemployed people are those that are actively looking for work but are having no luck. The unemployment rate is derived by dividing the total number of unemployed people by the total population of a certain region or workforce. It is one of the most important measures of a country's economic health.
Global Unemployment
The International Labour Organization estimates that by the end of 2021, the average regional unemployment rate will be 9.6%, down from the 10.6% it reached in 2020 but up from the 8% that was noted in 2019, which is used in this case as a benchmark to determine the impact of the pandemic's first two years.
The Organization for Economic Cooperation and Development (OECD) reported that the unemployment rate in OECD regions fell below the pre-pandemic rate when its February 2022 unemployment numbers were published in April 2022. Since this data series' inception in 2001, this is its lowest point. Additionally, the OECD region's unemployment rate decreased further, dropping by 0.7 million to 34.9 million people.
Unemployment Rate of Ukraine
The unemployment rate in Ukraine in 2021 stood at 9.5%. Between 2018-2021, the unemployment rate in Ukraine was highest in 2021 at 9.5% and lowest in 2019 at 8.3%. The unemployment rate increased by 6.5% on a year-on-year basis in 2021 and increased by 8.3% between 2018-2021.
The COVID-19 outbreak negatively impacted Ukraine’s labor market. Although, according to the National Bank of Ukraine, the rise in unemployment was initially not as sharp as in many OECD countries, because of a higher share of employment being informal and a strong uptake of remote working amongst larger companies. As reported by GlobalData.
Although the rise in unemployment in Ukraine was not as sharp as in many OECD countries during Q1–Q3 2020, by Q4 2020, unemployment rose to 10%, exceeding unemployment rates in OECD countries such as France, Italy, and the US. The unemployment surge was a knock-on effect of the November 2020 wave of COVID19 in the country, with businesses shedding labor in response to government plans to tighten public health measures. The Ukrainian prime minister stated that the government has been working on creating 500,000 jobs for Ukrainians who became unemployed amid the pandemic. According to the Ministry of Economy, the number of unemployed dropped to 315,000 as of August 2021, down by 36% from a year earlier.
Factors that Cause Unemployment
Some of the key factors that affect unemployment in a nation are recession, government policies, geographic labor mobility, technological breakthroughs, the global economy, growing populations, and worker education, training, and skill development.
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